A New Paradigm for Caribbean Development

Transitioning to a Green Economy

The main objective of the study is to augment the regional and international dialogue on the Green Economy in the context of inclusive and sustainable development. The study contributes to knowledge about and understanding of the fundamental requirements for transitioning to a Green Economy in the Caribbean and the attendant implications for policy and institutional arrangements. The study offers new and innovative ideas to promote green, inclusive, sustainable development as well as assesses the net socioeconomic and environmental impacts of moving to a Green Economy. It is intended to help countries craft green development strategies by providing practical recommendations to governments and other key stakeholders in the development process on how to identify and exploit green opportunities for productive transformation and, by extension, economic, social and environmental sustainability.

Much of the interest in green economy, in the Caribbean as elsewhere, revolves around its implications for the energy sector. Most Caribbean countries clearly want to reduce dependence on fossil fuels through the development of indigenous alternative sources that are more sustainable and include renewable energy and energy efficiency within broader strategies to green key sectors. Policymakers in the Region are looking for concrete advice and direction with respect to renewable energy for electricity generation and other areas of economic activity. They need economic data on the costs and benefits of switching to renewable energy, including information on the potential for significant foreign exchange savings, revenue enhancement, employment generation and environmental impacts.

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